After such a fantastic year last year, 2008 started a little shaky with talks of levelling out and possibly dropping. So where are we at now? Having experienced the craziness of last year, this year has certainly been a little shock to the system. Prices have remained static for the past few months, however over the last week I think there are definite indications of prices starting to drop. The market is now definitely a buyer’s paradise with vendors having to accept lower offers in order to secure a sale, whereas last year the vendors were calling all the shots. There is plenty of good property on the market at the moment, which is also helping to give the buyers an edge. We are seeing an abundance of offers but all of them are around 5% below the asking price. My advice to sellers is as long as you are prepared to accept an offer you will sell, if you are holding out for your price then it maybe better to withdraw from the market altogether until the current market conditions settle down. If you are buying then you will almost certainly pick up something cheaper than it was a couple of months back.